ADDISION, ILL. — BB&T Real Estate Funding has secured a $11 million mortgage loan for Iron Mountain, a 234,057-square-foot industrial property. The nonrecourse loan was structured with an 18-month term and a one six-month extension. The property is located at 331 S. Swift Road in Addison, about 20 miles west of Chicago.
UNIVERSITY CITY, MO. — Construction is under way for the new $3 million Firehouse No. 1 in University City, a suburb of St. Louis. The 17,000-square-foot facility, located at Vernon and Westgate avenues, will include five engine bays, a training room, administrative offices and a mezzanine with a workout room. Living quarters on the second floor will include 10 bedrooms with 30 beds, a full kitchen and an outdoor deck. The project is funded in part by a $2.6 million American Recovery and Reinvestment Act (ARRA) Assistance to Firefighters Station Construction Grant, with the balance funded by University City. Kwame Building Group is the construction project manager, and Archimages is the architect. The firehouse is slated for completion in late summer.
Downtown Cleveland is in the midst of a redevelopment boom. During the last 12 months, the city has seen a new $350 million casino and a new $33 million aquarium open. And over the next 24 months, it will see a new $465 million convention center complex, a new $275 million multi-tenant office building and hotel and a $180 million redevelopment that will include a new 220,000-square-foot office tower as a part of consolidation efforts for the Cuyahoga County government. However, one of the most impactful and long-lasting components is the development of more than 1,100 new residential housing units that have either been announced or are under construction. If all come to fruition, it will increase downtown’s residential inventory by over 20 percent. Market Drivers Although there are numerous factors contributing to this residential building boom, the following stand out as key components. • Build it and they will come? They are already here. As of January 2012, the downtown area had just under 4,200 residential units. Of this, approximately 25 percent were developed in the past five years. However, this delivery schedule was much lower as compared to the blossoming demand. The source of this demand has come …
COLUMBUS, OHIO — The 98-unit Jeffery Apartments in Columbus has received a $7.8 million loan. The non-recourse loan has a 10-year, fixed-rate and a 30-year amortization schedule. The borrower was JDS Development & Management, which used the loan for existing debt and equity for the acquisition of several apartment units that were previously sold when the project was originally developed as a condominium. The building, located at the northeast corner of East 1st Street and North 4th Street, was constructed in the 1990s. Terrace Capital Inc. arranged the loan.
FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged a $2.8 million loan for Westfield Office Center, a two-story office building in Farmington Hills. The 40,847-square-foot building, which is located at 3020 Orchard Lake Road, was built in 1990. The borrower is Orchard Executive Offices LLC. Kevin Kovachevich of Southfield-based Bernard Financial arranged the loan.
GRAYSLAKE, ILL. — The Boulder Group has sold a 6,952-square-foot building occupied by KinderCare in Grayslake for $1.3 million The property, which is leased on a net-lease basis, is located at 790 N. Lake St. in Grayslake, about 45 miles northwest of Chicago. The buyer is an Illinois investor. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago investor, in the deal.
CHICAGO — Chicago Coffees and Teas has purchased a 42,000-square-foot industrial building, located at 2144 S. Carpenter St. in Chicago. The company chose the location due to its proximity to I-290 and I-90. The purchase price was not disclosed. Mark Nelson and Michael Nelson of NelsonHill represented the owner, Sitex Group. Dan Steinberg of Domain worked on behalf of the buyer in the deal. Chicago Coffees is a purveyor of sustainably grown gourmet coffees, teas and equipment for Chicago’s restaurants and hotels.
BLAINE, MINN. — The Blaine Medical Center, a 76,637-square-foot medical office building, has sold for $14.5 million to REIT that owns senior living communities. The medical office, located at 11855 Ulysses St. in Blaine, is fully occupied and anchored through May 2022 by Multicare Associates. Gino Lollio and Scott Niedergang of Marcus & Millichap represented the buyer and seller, a partnership between the anchoring physician group in the building and a local developer, in the deal.
SOUTHFIELD, MICH. —Bernard Financial Group has arranged a $12.3 million mortgage loan for One Northwestern Plaza, an office property in Southfield. The 240,900-square-foot building, located at 28411 Northwestern Highway, was constructed in 1989. The borrower is ONP Owner LLC. Dennis Bernard and Kevin Kovachevich of Southfield-based Bernard Financial arranged the loan.
HOFFMAN ESTATES, ILL. — A 66,000-square-foot Class A research and development lab building in the metro Chicago area has sold for $5.6 million. The building, located at 5115 Sedge Blvd. in Hoffman Estates, sold to Indianapolis-based Sensient Flavors LLC. Olivia Czyzynski, Anthony Lopes and Gene White of Sperry Van Ness arranged the sale of the property. The seller was not disclosed.